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Category: Payday Money Loan

Connecticut probes Oklahoma tribe’s pay day loan companies

Connecticut probes Oklahoma tribe’s pay day loan companies

An Oklahoma Indian tribe that the Connecticut Department of Banking claims operates two high-interest loan operations to make the most of strapped metropolitan residents, has won at the very least a wait with its battle against imposition of $800,000 in charges.

Although the tribe views the state that is recent Court ruling as a victory, it’ll be up into the banking division to consider other dilemmas and determine whether or not to pursue further.

A judge recently remanded the problem back into the division. In the event that division desires to pursue its instance from the Otoe Missouria Tribe, of Red Rock in north-central Oklahoma, Banking Commissioner Jorge Perez would further have to investigate the links amongst the two organizations, Great Plains Lending, LLC and Clear Creek Lending.

The businesses were providing alleged payday advances of between $100 and $2,000 — at interest levels of over 400 %.